Max India Limited has informed the Exchange about Update under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
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Antara Purukul Senior Living Limited (APSLL), a step-down wholly owned subsidiary of Max India, received an income tax assessment order for AY 2024-25 raising a demand of Rs. 31.53 Crore. The company believes the demand arose from mistakes apparent on record, mainly the non-consideration of brought forward losses and other eligible tax attributes, and that after adjustments the actual tax liability should be NIL. APSLL has filed a rectification application with the Income Tax Department and is also preparing an appeal before the Commissioner of Income Tax (Appeals) within the prescribed timelines. The company says it is confident of a favourable outcome and does not expect any material financial impact on its financial statements.
This is a subsidiary-level tax dispute that management expects to fully overturn, so the financial hit is seen as negligible and the stock reaction is likely muted. Investors should keep an eye on the outcome of the rectification and appeal, as a contrary ruling could change the picture.